In large corporations, innovation is the hardest despite having much more resources. That is because these corporations are tied up with some processes and have multiple levels of hierarchy to make that possible.
Whether the idea involves improving a current product/software or creating anything from scratch, these companies employ the method of Proof of Concept before going all out investing in the idea.
What is Proof of Concept?
Proof of Concept is a method used by many industries from manufacturing to pharmacology. The primary objective is to assess the viability of any project very clearly.
PoC helps in answering questions like Is the idea practical? Is it feasible? Will the users want to use it? What resources will be required to build it?
This brings your idea out from the phase of brainstorming and takes it further to actualization, but is not the complete final product in itself.
The PoC includes very simply:
-An identification of the existing problem
-A business model/canvas that aims to solve it
-A clear answer to “Will this work?” Yes or No.
The advantage of using the POC method is that
1. It saves a lot of time.
App development takes time. But your idea might not be able to wait that long to be tested out in the market. By having a PoC ready before you launch your final product, you can gauge the sentiment by exposing the product to a limited audience. This also proves to be a great way to gather feedback and improve the idea.
If at all the POC does not manage to gain the confidence of the involved stakeholder, you would have been able to take the risk too.
2. It needs lesser resources:
Rather than having an MVP in the very first instance, using the POC method to validate your idea is going to take a fraction of the cost. Since it does not take more than a week to get it made, it will need fewer working hours and hence will save costs.
3. It provides structure to the idea:
When the idea is conceived, it seems perfect. But reality strikes only when we start putting it down. Getting a POC made is a great way of structuring your idea. This will help analyze the good and rectify and the faults.
Here are two examples of how we at Applify used Proof of Concept to validate ideas for two large corporations.
Coca Cola had in mind an app that could help with logistics, particularly fleet management. They wanted to validate if this idea would make enough sense for a business like theirs and worth the investment.
We design sprinted with them and came out with a Proof of Concept that would simplify Coca Cola’s problem.
National Life & General Insurance Company is Oman’s largest insurance company and approached us with an idea to digitize the insurance process and hence increase engagement and sales. We got back to them with a Proof of Concept for their app, which was replicated successfully in the following months.
If such companies, with a huge capital at their disposal for investment first validate their new projects through the PoC, this surely paves the way for startups and smaller businesses which are centered around one single idea.
Applify helps create convincing PoC in record five days and takes you one step closer to your perfect idea to become a reality.